FUNDAMENTAL ACCT.PRIN.-CONNECT ACCESS
24th Edition
ISBN: 9781265497613
Author: Wild
Publisher: MCG
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Question
Chapter 1, Problem
To determine
1. To prepare:
A table in the required format for the given data
Expert Solution

Explanation of Solution
The required table for the given data is prepared as below
Assets | Liabilities | + | Equity | ||||||||||||||||
Cash | + | + | Office Supplies | + | Office equipment | + | Office suit | = | Account Payable | + | N. Nadal Capital | - | N. Nadal withdrawals | + | Revenues | - | Expenses | ||
a | $90,000 | 10,000 | 100,000 | ||||||||||||||||
b | -50,000 | 50,000 | |||||||||||||||||
c | -25000 | 25,000 | |||||||||||||||||
d | 1,200 | 1,700 | 2,900 | ||||||||||||||||
e | -750 | -750 | |||||||||||||||||
f | 2,800 | 2,800 | |||||||||||||||||
g | 4,000 | 4,000 | |||||||||||||||||
h | -11,500 | -11,500 | |||||||||||||||||
i | 1,800 | -1,800 | |||||||||||||||||
j | -700 | -700 | |||||||||||||||||
k | -2,500 | -2,500 | |||||||||||||||||
5,350 | + | 1,000 | + | 1,200 | + | 36,700 | + | 50,000 | = | 2,200 | + | 100,000 | - | -11,500 | + | 6,800 | - | -3,250 |
To determine
2. To Determine:
The net income statement of the company.
Expert Solution

Explanation of Solution
The net income is determined as below
Nadal Computing | |||
Income Statement | |||
Details | Amount in $ | ||
Revenue | |||
Income from services | $6,800 | ||
Expenses | |||
Administrative expenses | 750 | ||
Salary expenses | 2,500 | 3,.250 | |
Net income | $3,350 |
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Chapter 1 Solutions
FUNDAMENTAL ACCT.PRIN.-CONNECT ACCESS
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Ch. 1 - Prob. 11DQCh. 1 - Prob. 12DQCh. 1 - Prob. 13DQCh. 1 - A business reports its own office stationary on...Ch. 1 - Why is the revenue recognition principle needed?...Ch. 1 - Prob. 16DQCh. 1 - Prob. 17DQCh. 1 - What events or transactions change equity?Ch. 1 - Prob. 19DQCh. 1 - What do accountants mean by the term revenue?Ch. 1 - 21. Define net income and explain its...Ch. 1 - Identify the four basics financial statements of a...Ch. 1 - Prob. 23DQCh. 1 - 24. Give two examples of expenses a business might...Ch. 1 - Prob. 25DQCh. 1 - Prob. 26DQCh. 1 - Prob. 27DQCh. 1 - Prob. 28DQCh. 1 - Prob. 29DQCh. 1 - Prob. 30DQCh. 1 - B Explain why investing (assets) and financing...Ch. 1 - Prob. 32DQCh. 1 - Prob. 33DQCh. 1 - Prob. 1QSCh. 1 - Prob. 2QSCh. 1 - Prob. 3QSCh. 1 - Prob. 4QSCh. 1 - Prob. 5QSCh. 1 - Prob. 6QSCh. 1 - This icon highlights assignments that enhance...Ch. 1 - Prob. 8QSCh. 1 - Prob. 9QSCh. 1 - Prob. 10QSCh. 1 - Prob. 11QSCh. 1 - Identifying items with financial statements P2...Ch. 1 - P2
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